As the recession eases and companies begin to add to strained staffs, employers are also taking action to retain existing top talent at their organizations. According to a new CareerBuilder survey, nearly one-third (32 percent) of employers are concerned about losing their high performing workers in the second quarter, while one-third (33 percent) of workers said it is likely they will start looking for a new job when the economy picks up. As a result, employers are turning to a variety of different retention strategies to hold onto those workers and their valuable intellectual capital. The survey was conducted between February 10 and March 2, 2010 among more than 2,700 employers and 4,800 workers.
Increased workloads, longer hours and fewer resources related to the recession may be contributing to higher job dissatisfaction. Looking at key factors that influence job satisfaction and company loyalty, workers reported the following:
- Pay – Nearly one-third (32 percent) of workers said they are dissatisfied with their pay, up from 29 percent during the same period last year.
- Work/life balance – Nearly one-quarter (22 percent) of workers said they are dissatisfied or very dissatisfied with their work/life balance, up from 20 percent last year.
- Career progress – Twenty-seven percent of workers are dissatisfied with the career advancement opportunities provided by their current employers, up from 24 percent last year.
Of workers who have their sights set on making a career move, they shared the attributes they will be primarily looking for in a new employer in addition to competitive pay and benefits. Good career advancement opportunities (60 percent) and good work culture (57 percent) topped the list. These were followed by:
- Company’s financial stability and growth potential – 52 percent
- Training and learning opportunities – 47 percent
- Less stressful work environment – 45 percent
- Flexible work arrangements – 43 percent
- Sense of ownership in their position, that they can make a difference – 42 percent
- Camaraderie, more family-like work environment – 34 percent
"Many employers were forced to make unpopular, though necessary decisions during the recession in terms of adjustments in headcount, pay and overall strategy," said Jason Ferrara, vice president of corporate marketing for CareerBuilder. "As the economy improves and resources are reinstated, companies are employing different ways to repair and enhance the employee experience and strengthen morale."
Employers are implementing different measures to help hold onto top talent and reduce turnover. Offering more flexible work arrangements, investing more in training and promising future raises or promotions topped the list. More performance-based incentives such as trips and bonuses and providing a higher title without a higher salary also ranked in the top five.
